VANCOUVER, BC, May 31, 2022
/CNW/ - Foran Mining Corporation (TSXV: FOM) (OTCQX: FMCXF)
("Foran" or the "Company") is pleased to announce the receipt of
its initial Approval to Operate Permit for its advanced exploration
decline program at its 100%-owned McIlvenna Bay project in
Saskatchewan.
The Approval to Operate Permit allows the Company to operate
pollutant control facilities for water and waste rock. Water pumped
out of the decline will be placed into a lined containment pond
on-site and waste rock will be placed on the now-completed lined
waste rock pad. As part of the advanced exploration decline
program, the company has completed the box-cut, initial underground
excavation, jet grouting of the sandstone layer from surface, rock
pad lining, and roadways. Foran has also completed construction of
the containment pond, the ore and waste pad, and the establishment
of mine services infrastructure for ventilation, air, and water to
support decline development. Photos of recent developments can be
found on page two of this release.
Dan Myerson, Foran's Executive Chairman & CEO,
commented: "The receipt of the Approval to Operate Permit
is another milestone for the company as we advance McIlvenna Bay
through our ongoing pre-development program, in line with our
three-pillared strategy: 1) advance and build McIlvenna Bay; 2)
explore and discover additional near-mine deposits across our
significant and highly prospective land package; and 3) deliver
superior returns in relation to our Net Positive business. We look
forward to sharing further updates and results from these exciting
initiatives throughout 2022."
Exploration Decline Technical
Overview
McIlvenna Bay's exploration decline is expected to be ~1,475m in
length down to a depth of ~90m below surface. Approximately
850m of ramp development is required
to access the deposit where a single 100m cross-cut will be developed into the hanging
wall to facilitate bulk sample collection. The remaining
development metres are attributable to a planned exploration drift.
The Company expects to mine a 4,400 tonne bulk sample that will be
used to confirm metallurgical test-work and further optimize
processing design.
Qualified Person
Mr. Roger March, P. Geo., Senior
Geoscientist for Foran, is the Qualified Person for all technical
information herein and has reviewed and approved the technical
information in this release.
About Foran Mining
Foran Mining is a copper-zinc-gold-silver exploration and
development company, committed to supporting a greener future,
empowering communities and creating circular economies which create
value for all our stakeholders, while also safeguarding the
environment. The McIlvenna Bay project is located entirely
within the documented traditional territory of the Peter Ballantyne
Cree Nation. The Company also owns the Bigstone project, a
resource-development stage deposit located 25km southwest of its
McIlvenna Bay project.
McIlvenna Bay is a copper-zinc-gold-silver rich VHMS deposit
intended to be the centre of a new mining camp in a prolific
district that has already been producing for 100 years. McIlvenna
Bay sits just 65km West of Flin Flon,
Manitoba and is part of the world class Flin Flon Greenstone
Belt that extends from Snow Lake,
Manitoba, through Flin Flon
to Foran's ground in eastern Saskatchewan, a distance of over 225km.
McIlvenna Bay is the largest undeveloped VHMS deposit in the
region. The Company announced the results from its Feasibility
Study on February 28, 2022, outlining
that current mineral reserves would support an 18-year mine life
producing an average of 65 million pounds of copper equivalent
annually. The Company filed a NI 43-101 Technical Report for the
McIlvenna Bay Feasibility Study on April 14,
2022. The Company filed a NI 43-101 Technical Report for the
Bigstone Deposit resource estimate on February 11, 2022.
Foran trades on the TSX.V under the symbol "FOM" and on the
OTCQX under the symbol "FMCXF".
Neither the TSX-V nor its Regulation Services Provider (as that
term is defined in the policies of the TSX-V) accepts
responsibility for the adequacy of this release. No stock exchange,
securities commission or other regulatory authority has approved or
disapproved the information contained herein.
Forward Looking
Statements
CAUTIONARY NOTE REGARDING FORWARD
LOOKING STATEMENTS
This news release contains "forward-looking information" (also
referred to as "forward looking statements"), which relate to
future events or future performance and reflect management's
current expectations and assumptions. Often, but not always,
forward-looking statements can be identified by the use of words
such as "plans", "hopes", "expects", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates", or
"believes" or variations (including negative variations) of such
words and phrases, or state that certain actions, events or results
"may", "could", "would", "might" or "will" be taken, occur or be
achieved. Such forward-looking statements reflect management's
current beliefs and are based on assumptions made by and
information currently available to the Company. All statements,
other than statements of historical fact, are forward-looking
statements or information. Forward-looking statements or
information in this news release relate to, among other things: the
Company's ability to develop the McIlvenna Bay Project and to
achieve the results outlined in the FS; and the ability to raise
capital to fund construction and development of the McIlvenna Bay
Project.
These forward-looking statements and information reflect the
Company's current views with respect to future events and are
necessarily based upon a number of assumptions that, while
considered reasonable by the Company, are inherently subject to
significant operational, business, economic and regulatory
uncertainties and contingencies. These assumptions include: our
mineral reserve and resource estimates and the assumptions upon
which they are based, including geotechnical and metallurgical
characteristics of rock confirming to sampled results and
metallurgical performance; tonnage of ore to be mined and
processed; ore grades and recoveries; assumptions and discount
rates being appropriately applied to the technical studies; success
of the Company's projects, including the McIlvenna Bay Project;
prices for zinc, copper, gold and silver remaining as estimated;
currency exchange rates remaining as estimated; availability of
funds for the Company's projects; capital decommissioning and
reclamation estimates; mineral reserve and resource estimates and
the assumptions upon which they are based; prices for energy
inputs, labour, materials, supplies and services (including
transportation); no labour-related disruptions; no unplanned delays
or interruptions in scheduled construction and production; all
necessary permits, licenses and regulatory approvals are received
in a timely manner; and the ability to comply with environmental,
health and safety laws. The foregoing list of assumptions is not
exhaustive.
The Company cautions the reader that forward-looking statements
and information include known and unknown risks, uncertainties and
other factors that may cause actual results and developments to
differ materially from those expressed or implied by such
forward-looking statements or information contained in this news
release and the Company has made assumptions and estimates based on
or related to many of these factors. Such factors include, without
limitation: the projected and actual effects of the COVID-19
coronavirus on the factors relevant to the business of the
Corporation, including the effect on supply chains, labour market,
currency and commodity prices and global and Canadian capital
markets, fluctuations in zinc, copper, gold and silver prices;
fluctuations in prices for energy inputs, labour, materials,
supplies and services (including transportation); fluctuations in
currency markets (such as the Canadian dollar versus the U.S.
dollar); operational risks and hazards inherent with the business
of mining (including environmental accidents and hazards,
industrial accidents, equipment breakdown, unusual or unexpected
geological or structure formations, cave-ins, flooding and severe
weather); inadequate insurance, or the inability to obtain
insurance, to cover these risks and hazards; our ability to obtain
all necessary permits, licenses and regulatory approvals in a
timely manner; changes in laws, regulations and government
practices in Canada, including
environmental, export and import laws and regulations; legal
restrictions relating to mining; risks relating to expropriation;
increased competition in the mining industry for equipment and
qualified personnel; the availability of additional capital; title
matters and the additional risks identified in our filings with
Canadian securities regulators on SEDAR in Canada (available at www.sedar.com). Although
the Company has attempted to identify important factors that could
cause actual results to differ materially, there may be other
factors that cause results not to be as anticipated, estimated,
described or intended. Investors are cautioned against undue
reliance on forward-looking statements or information.
These forward-looking statements are made as of the date hereof
and, except as required by applicable securities regulations, the
Company does not intend, and does not assume any obligation, to
update the forward-looking information.
SOURCE Foran Mining Corporation